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    from Street talk in Fin. Rev.
    But the real action is at the small end of town.

    Some possibilities include: cashed up TV production house Southern Star buying Beyond International; the Packer and Kirby families taking Val Morgan from the struggling Television & Media Services; and, TMS's successful outdoor production unit Global Television being tipped into ISIS Communications.

    As one media investment banker said: "Media is a cyclical game. The time you get good business value is when prices are lower."

    Southern Star has $25million cash and is on the prowl. The obvious target would be Beyond, which has an open register and an attractive suite of assets including an extensive catalogue of Nine Network shows, valued at virtually nothing.

    But if it wanted to diversify, TMS's Global Television business could provide a nice buy. Last financial year, Global Television recorded earnings before interest and tax of $5.3million and sales of $52million.

    But if outsiders are planning a tilt at Global, other plans are afoot.

    Though nothing is imminent, TMS's advisers Investec Wentworth are believed to be looking at tipping Global into ISIS, which is merging with AAV Australia, a media services company once owned by Fairfax. MGB/Investec Group has 19.9per cent of ISIS.

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